A PROPOSAL ON THE IMPACT OF ENAIRA IN TRACKING MONEY LAUNDERING AND FRAUD IN NIGERIA

Abstract

The study will investigate the impact of E-naira in tracking money laundering and fraud in Nigeria. The following objectives will be used for the study: following objectives will be ascertained; Examine the perception of users on the security of their e-wallet, determine if the introduction of e-Naira will increase money fraud rate in Nigeria, ascertain if the invention of e-Naira will heighten hacking of online transaction and investigate if the e-Naira platform has the capacity to track money laundering in Nigeria. The method of data analysis that will be used by the researcher is the simple percentage. More so, percentage and degrees of the responses will also be used in the analysis. Here, the ratio of those whose responses were not in the affirmative will be found and conclusions will be drawn there upon.  Representations of the level of responses will be made in tabular form. The Statistical Package for Social Sciences (SPSS) software will be used to test the hypotheses

Chapter one

Introduction

Background of the study

The promotion of cashless policies has become a driving factor for global economies to investigate currency digitalization as it fast tracks online transactions. Various uses of e-transaction, including as e-banking, e-ordering, and online publishing/online retailing, are constantly influencing trends and possibilities for business over the Internet. A more developed and mature electronic environment is important in e-transaction because it encourages a shift from traditional modes of payment (such as cash, checks, or any other form of paper-based legal tender) to electronic alternatives (such as e-tranzact, Western Union money transfer, and pocketmonie), effectively closing the e-commerce loop (Bickersteth, 2005). A commercial service that uses information and communications technology like as integrated circuit (IC) cards, encryption, and telecommunications networks is known as an electronic transaction. E-transaction technologies are required in order to adapt to fundamental shifts in socioeconomic patterns. The transaction system is a set of institutions, tools, rules, processes, standards, and technicalities that impact the transfer of monetary value between all parties hence has ushered some economies into digitization of currency. Digital currencies, according to Gilbert, Scott, and Loi, Hio. (2018), have qualities comparable to traditional currencies but, unlike printed banknotes or minted coins, rarely have a physical presence. Due to the lack of a physical form, online transactions are nearly instantaneous, and the costs of shipping cash and coins are eliminated. As a result, digital currencies will continue to be helpful for inter-party transactions as long since both sides recognize the currency’s legality, as they provide the benefit of quick settlement, especially in online communities. Despite the fact that cryptocurrency is the most popular form of digital currency, there are thousands of them in the modern world, each of which operates and enjoys security thanks to the mutually adopted encryption codes by the parties in such transactions, especially since most governments around the world have shied away from conferring any form of endorsement or legitimacy on transactions conducted through such channels.

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